In the dynamic world of non-profits, raising and spending money efficiently is key to making a meaningful impact.
This is where NetSuite comes into play, providing comprehensive, cloud-based accounting software specifically designed to meet the unique needs of non-profit organisations.
With its intuitive interface, robust features, and seamless integration capabilities, NetSuite empowers non-profits to streamline their operations, and raise and spend more effectively. And charity finance teams can reduce the time they spend on spreadsheets and repetitive manual tasks, giving them the freedom and the tools to focus on increasing impact.
Let’s explore how NetSuite is revolutionising the way.
What is NetSuite?
NetSuite is essentially a robust, cloud-based accounting software suite that integrates various functions such as financial management, purchase ledgers, sales/billing/donations, customer relationship management (CRM), e-commerce, and more.
What sets NetSuite apart for charities is that it is both pre-built and easily adaptable. It understands that charities operate differently and offers customisation options to align with their specific requirements. All designed to be easily used by finance teams, without IT.
Gain further insight on what NetSuite is and how it works over on our blog!
If you want to find out more about NetSuite or just want to explore the issues you are facing, please contact us!
Why Charities Need Non-Profit Management Software
Non-profits operate under unique constraints, often balancing limited budgets with the need to maximise their outreach and impact. Traditional accounting software can fall short in addressing these specific challenges.
NetSuite steps in to fill this gap, offering pre-built accounting software that not only cater to the financial and operational needs of non-profits but also ensure compliance and transparency, which are crucial for maintaining donor trust and securing funding. Using NetSuite for nonprofits brings both increases in efficiency and opportunity.
The Benefits of NetSuite for Charities
- Financial Management: NetSuite provides robust, pre-built and flexible reporting that simplify budgeting, accounting, and grant management, ensuring that non-profits can effectively track and report to budget holders, to Board and to donors, simply and easily.
- Fundraising and Donor Management: With its integrated CRM capabilities, NetSuite helps non-profits manage donor information, track donations, and streamline fundraising efforts.
- Operational Efficiency: By automating key processes and centralising data, NetSuite allows non-profits to reduce administrative overhead and allocate more resources towards their mission. It can significantly reduce IT spend associated with running servers, different software, integrations and the support and maintenance associated with this type of infrastructure.
- Scalability: As non-profits grow, NetSuite’s scalable platform grows with them, ensuring that their systems can adapt to changing needs and complexities. NetSuite works well for charities from £1m/annum income to £300m/annum using the same core platform. The accounting software is being used by 1 million+ users and 2,800 nonprofit organisations today, so you can utilise the leading practices built with and for them in days.
Find out more about the benefits of ERP on our blog!
Implementing NetSuite in Charities
NetSuite is a pre-built cloud accounting software with over 1 million users. This allows for an "Adopt not adapt" finance-led approach to implementation. A NetSuite implementation starts from adopting Oracle's software, servers and leading practices, reducing the need for physical infrastructure, IT build and IT support.
Because the IT is all pre-built, with NetSuite and a finance-led implementation approach, we have the time to focus on data architecture, data migration and training improved processes, rather than reinventing the wheel.
This allows for much faster implementation; in the case of small charities, it can be as little as 20 days.
A key aspect to success with this approach is to involve systems accountants from sales, through implementation training to live month end and beyond. This is the finance led approach.
Organisations that benefit from NetSuite
- Educational Institutions: Educational nonprofits benefit from NetSuite's integrated approach, streamlining processes like student management, fundraising, and financial operations. This enables these institutions to focus more on their educational mission and less on administrative tasks.
- Healthcare and medical charities: NetSuite aids healthcare nonprofits by facilitating efficient patient data management, financial tracking, and donor engagement. The system's scalability is particularly advantageous for medical charities with varying operational needs and rapid growth.
- Environmental and Conservation Organisations: NetSuite's robust features support environmental nonprofits in managing complex projects, tracking conservation efforts, and handling diverse funding sources. The system's cloud-based accessibility is beneficial for teams working in different locations.
- Social Enterprises: NetSuite is advantageous for social enterprises by providing a platform that integrates business operations and social impact metrics. This allows these organisations to balance financial sustainability with their social mission.
- Cultural and Arts Organisations: NetSuite assists cultural nonprofits by centralising ticketing, membership, and financial management. The system's ability to handle diverse revenue streams is valuable for organisations in the arts and culture sector.
- International Development NGOs: NetSuite's global capabilities are advantageous for international NGOs, enabling them to manage operations across borders, handle diverse currencies, and comply with varying regulatory requirements. We also join up spending money with robust system-based approvals and donor reporting. This ensures a unified and efficient approach to international development efforts.
- Community and Social Services: NetSuite supports community-focused charities by streamlining billing (say councils for care home funded residents), volunteer coordination, and financial tracking. The system helps enhance the delivery of social services.
Key Take Away
NetSuite offers a powerful, flexible solution for charities and other social impact organisations looking to enhance their operational efficiency and impact.
By integrating key business functions into a single platform, it allows organisations to focus more on their mission and less on administrative complexities and repetitive manual tasks.
As the sector continues to evolve, NetSuite stands out as an essential tool for non-profits aiming to make a significant difference in the world.
Get in touch with your dedicated NetSuite partners at Cloud Doing Good to implement your non-profit management software today, we’re happy to answer any questions and provide the necessary help that you need!
Photo credit: Image by user6702303 on Freepik